Question : A person lent Rs. 23000 to B for 3 years and Rs.19000 to C for 4 years on simple interest at the same rate of interest and received Rs. 3625 in all from both of them as interest. What is the annual rate of interest?
Option 1: 1.5%
Option 2: 3%
Option 3: 2.5%
Option 4: 4%
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Correct Answer: 2.5%
Solution :
Let the rate be $r\%$.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
From the question,
Interest from B $= \frac{(23000 × 3 × r)}{100}$
Interest from C = $\frac{(19000 × 4 × r)}{100}$
According to the question,
⇒ $3625 = \frac{(23000 × 3 × r)}{100} + \frac{(19000 × 4 × r)}{100}$
⇒ $r = \frac{362500}{(69000 + 76000)}$
$\therefore r = 2.5\%$
Hence, the correct answer is 2.5%.
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